Stocks To Buy Today, Oct 29: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

The Nifty index maintained its dominating positive tone as it wrapped the October series with strong gains of about 5% on an expiry-to-expiry basis. On Tuesday, the last session of the October series, the index saw a modest dip of 29.85 points to end at 25,936.20. On Tuesday, the last session of the October series, the Nifty Bank index recorded a slight gain of 99.85 points to settle at 58,214.10.

In contrast, the index ended the October series on a positive note, rising nearly 6% on an expiry-to-expiry basis and setting a new all-time high (ATH) during the series. India VIX inched higher by 0.80% on Tuesday, yet continues to indicate a calm and confident market mood. The current state of low volatility highlights a period of cautious optimism and consistent involvement from institutional and individual investors.

The outcome of the US FOMC meeting on Wednesday, where it is widely anticipated that the Federal Reserve will cut its interest rate by 25 basis points, will be closely watched by investors on the global macro front. Meanwhile, on the domestic front, macroeconomic data and domestic Q2 earnings, including those from L&T, Coal India, VBL, HPCL, CG Power, and Radico, will be the main focus.

Nifty Outlook Today

"The Nifty index delivered a strong October series close, with most sessions ending in the green and every intraday dip being swiftly absorbed-a classic hallmark of a healthy uptrend. While the index appears slightly stretched in the short term, this ongoing consolidation offers opportunities for fresh accumulation in sync with its higher high-higher low formation. Persistent put writing at lower strikes also indicates traders' conviction in the prevailing bullish momentum," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 26,100 level could pave the way for fresh long build-up and short-covering, potentially driving the index toward 26,300 in the near term. On the downside, strong buying interest is expected around the 25,600-25,700 zone, which should act as a cushion against short-term corrections. As long as the index holds above this crucial support band, the broader trend remains decisively bullish. Traders are advised to maintain a "Buy-on-Dips" approach, as a close above 26,000 may open the gates for the next leg of the uptrend," he further added.

Bank Nifty Outlook Today

"The index delivered an impressive October series close, with most sessions ending in the green and every dip being quickly absorbed - underscoring strong demand in the banking space, led by heavyweights. This behaviour exemplifies a healthy and sustainable uptrend. While the index appears slightly extended in the short term, its prevailing higher high-higher low structure suggests ample scope for continued accumulation. Persistent put writing at lower strikes further validates traders' confidence in the ongoing rally," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"A sustained move above the 58,500 level could spark renewed buying momentum and trigger short-covering, potentially propelling the index toward the 59,000 mark in the near term. On the downside, strong demand is expected around the 57,500-57,700 zone, which is likely to cushion any short-lived corrections. As long as the index holds above this critical support band, the broader trend remains decisively bullish. Traders are advised to continue with a "Buy-on-Dips" approach, as a firm close above 58,500 may open the path for the next leg of the uptrend toward uncharted territory," he further added.

Stocks To Buy Today

On Wednesday, October 29, Mehta Equities Ltd's technical analyst Riyank Arora recommended buying two stocks.

UPL Ltd

Buy | CMP: Rs 702.60 | SL: Rs 685 | Target: Rs 725 / Rs 740

UPL has seen a sharp recovery from its recent lows and is trading above key moving averages. The stock's volume pattern indicates accumulation by market participants. A sustained move above ₹705 can open room for targets of ₹725 and ₹740. RSI and MACD both point to strengthening momentum. Maintain a stop-loss at ₹685 for positional trades.

Indian Bank

Buy | CMP: Rs 852.90 | SL: Rs 835 | Target: Rs 880 / Rs 900

Indian Bank continues to display strong momentum, supported by improving volumes and a breakout above recent resistance levels. The stock is holding firmly above its short- and medium-term averages, indicating ongoing institutional buying. Sustaining above ₹850 could extend the upmove toward ₹880 and ₹900. A stop-loss at ₹835 is advised to protect gains.

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